The Energy Information Administration released its weekly report on the status of petroleum inventories in the United States today.

Here are some highlights:

CRUDE INVENTORIES:Crude oil inventories increased by 2.8 million barrels to a total of 363.1 million barrels. At 363.1 million barrels, inventories are 28.3 million barrels above last year (8.5%) and are above the upper limit of the average range.

GASOLINE INVENTORIES:Gasoline inventories decreased by 1.7 million barrels to 233.3 million barrels. At 233.3 million barrels, inventories are up 6.1 million barrels, or 2.7% higher than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (+0.4mb); Midwest (-0.8mb); Gulf Coast (-1.0mb); Rockies (-0.3mb); and West Coast (-0.2mb). It is important to note which regions saw increases/decreases as this information likely drives prices up (in the case of falling inventories), or down (in the case of rising inventories).

DISTILLATE (diesel, heating oil) INVENTORIES:Distillate inventories increased by 0.5 million barrels to a total of 132.9 million barrels. At 132.9 million barrels, inventories are now 8.7% lower than a year ago. Total distillate inventories stand 12.6 million barrels lower than their year ago level.

IMPLIED DEMAND:Products supplied to end users amounted to 18.65 million barrels per day, or 700,000 barrels per day more than the previous week. Compared to the same period last year, product supplied was nearly 600,000 barrels lower. The four week rolling average shows that implied demand for all petroleum products is up 0.4% compared to last year, while gasoline implied demand is up 1.4%.

REFINERY OUTPUT/UTILIZATION:Refinery utilization decreased to 83.6%, down 3.3% vs. last week's numbers. Gasoline production increased last week averaging over 8.9 million barrels per day while distillate fuel production showed a decrease, averaging 4.3 million barrels per day.

Utilization rates for the last week were as follows: East Coast: 84.0%, Midwest: 88.8%, Gulf Coast: 83.3%, Rocky Mountain: 91.8%, West Coast: 76.1%. These percentages show how much of a region's overall capacity were used to refine oil. It is important to note these percentages, because the lower the utilization percent, the lower output, which has a direct impact on local gasoline prices. If refiners in your region have low output, your more likely to see prices rise.

OVERALL SUPPLY:Total oil stocks in the United States are up 53.8 million barrels (5.1%) over last year and stand at 1.101 billion barrels (excluding the Strategic Petroleum Reserve).

IMPORTS/EXPORTS:The U.S. imported 7.7 million barrels of crude oil per day last week, down by 0.3 mb vs. the previous week. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 375,000bpd. The U.S. also imported 186,000bpd of distillate fuels. However, during the same time frame, the U.S. exported 462,000bpd of gasoline and 1.0mbpd of distillates. In total, U.S. refineries exported 2.94 million barrels per day of oil and products.

Refineries slowing production, likely starting maintenance season and raising fuel prices at the pump. The Refineries will continue to produce fuel when they are 'shut down,' on a maintenance and/or upgrade or for any number of other reasons. Crude oil inventories increased, Gasoline inventories decreased, Distillate inventories increased, Refinery utilization decreased 3.3% from last week numbers, Total US oil stocks are up 5.1% over last year but there are still high fuel prices at the pump. The fuel prices at the pump should be lower to help the economy recover!Big Oil and Big Gas sells fuel and natural gas on the world market for higher prices to other countries. 'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down!No Thanks to the Mindless Pinhead Sheep that voted this bozo back in office.The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! The price at the pump needs to go down to $2/gallon - *$3, *$3.50/gallon or *$4.00 is Not the new low!More Refineries are Not the answer, Stop exporting fuel is! Take care of the domestic fuel market first, above all else!Vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.The price of fuel at the pump is too high!XII/XXII/MMXII! - The Day After......

And when they get through with this they will have to change over to summer blend so prices will go up again. It also went up because they had to change over to winter blend. I think both makes my motor burn gas faster both times.

With extraordinary surplus of crude and gasoline inventories, the industry finds ways to maintain outrageous price levels and they are getting ready to do it again. With slower production at refineries, expect prices to increase.